Welcome!

News Feed Item

W. P. Carey Announces EUR115m Bank Pekao Transaction in Poland

-- Acquisition of bank's headquarters from institutional investor parallels trend in European net-lease deals

LONDON, April 1, 2014 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a global net-lease real estate investment trust specializing in corporate sale-leaseback financing, build-to-suit construction financing and the acquisition of single-tenant net-lease properties, announced today that two of its publicly held non-traded REIT affiliates, CPA®:17 – Global and CPA®:18 – Global, have jointly acquired the headquarters of Bank Pekao S.A. in Warsaw, Poland, from CA Immo. 

Photo - http://photos.prnewswire.com/prnh/20140401/NY94865

Key facts:

  • Strong tenant: Bank Pekao is the second largest bank in Poland. It is publicly traded on the Warsaw Stock Exchange with an equity market capitalisation of nearly €12 billion and is rated "BBB+ / Stable" by S&P.
  • Critical office asset: Located in the "Airport Corridor" along the main route from the airport to the city centre, the facility, built in 2009 by Hochtief, is a modern Class-A building serving as Bank Pekao's headquarters and housing more than 2,000 employees.
  • Liquidity provided: The seller, CA Immo, is Austria's second largest property investor, which is seeking to focus and balance out its asset portfolio in Warsaw. CPA®:17 – Global and CPA®:18 – Global acquired the headquarters building subject to an existing long-term net-lease with Bank Pekao S.A.
  • Acquisition cost: Approximately €115 million ($158 million).
  • Balance Sheet Strength: The acquisition was closed on an all-equity basis, providing a fast, committed, low-risk closing process.

Jeffrey Lefleur, Managing Director of W. P. Carey, commented:

"Following CPA®:17 – Global's recent acquisition of H&M's Distribution Centre in Poznan and the strong local economic tailwinds, we are delighted to have completed another transaction in Poland. This transaction fits well with our strategy of acquiring critical assets with strong covenants in thriving, well-connected locations. It also reinforces our position as an active investor in European properties that benefit from in-place, long term net leases.

"The acquisition of Bank Pekao's headquarters also demonstrated our ability to provide a well-known institutional investor like CA Immo with a reliable, all-equity buyer and a fast and efficient closing process.

"Poland is the second largest economy in Central Eastern Europe—behind Russia—with projected GDP growth and a healthy and liquid banking industry.

"By European standards, Poland has experienced solid growth in the last ten years. According to data by Eurostats, real GDP growth has averaged 4.0% since 2004, compared with a growth rate of 1.3% for Germany, its closest trading partner. During the prolonged financial crisis that affected most of Western Europe, it is remarkable that Poland's growth rate remained positive."

Dr. Bruno Ettenauer, CEO of CA Immo said: "Following the recently established takeover of the AXA portfolio shares in Warsaw, the sale of the Lipowy office building was the next step to balance out our local asset portfolio.  W. P. Carey's cooperation, deal expertise and financial strength allowed us to structure and close a transaction that met our respective goals." 

W. P. Carey Inc.

W. P. Carey Inc. is a leading global net-lease REIT that provides long-term sale-leaseback and build-to-suit financing solutions for companies worldwide. It also acts as the manager to a series of non-traded REITs. The Company's owned and managed diversified global investment portfolio had a combined enterprise value of approximately $15 billion at December 31, 2013, with European assets comprising approximately €3.0 billion ($4.1 billion). Active in Europe since 1998, W. P. Carey's corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Furthermore, its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows, enabling it to deliver consistent and rising dividend income to investors for over four decades.

This press release contains forward-looking statements within the meaning of the Federal securities laws.  The statements of Mr. Lefleur are examples of forward looking statements. A number of factors could cause CPA®:17 Global's and/or CPA®:18 – Global's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated; and risks related to CPA®:18 – Global's offering of shares. For further information on factors that could impact either CPA®:17 – Global or CPA®:18 – Global, reference is made to CPA®:17 – Global's or CPA®:18 – Global's respective filings with the Securities and Exchange Commission.

W. P. Carey Inc. contacts:

Europe
Dan de Belder/ Guy Scarborough/Tom Cahn 
+44-207-861-3232
[email protected]

US
Guy Lawrence, Ross & Lawrence
+1-212-308-3333
[email protected]

Kristina McMenamin
+1-212-492-8995
[email protected]

(Logo: http://photos.prnewswire.com/prnh/20130604/NY25517LOGO-b )

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT depl...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at Dell EMC, introduced a methodology for capturing, enriching and sharing data (and analytics) across the organization...
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
"Splunk basically takes machine data and we make it usable, valuable and accessible for everyone. The way that plays in DevOps is - we need to make data-driven decisions to delivering applications," explained Andi Mann, Chief Technology Advocate at Splunk and @DevOpsSummit Conference Chair, in this SYS-CON.tv interview at @DevOpsSummit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
"Logz.io is a log analytics platform. We offer the ELK stack, which is the most common log analytics platform in the world. We offer it as a cloud service," explained Tomer Levy, co-founder and CEO of Logz.io, in this SYS-CON.tv interview at DevOps Summit, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captur...
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.